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Indiana Code Title 23. Business and Other Associations § 23-16-2-9

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 9. (a) A domestic or foreign limited partnership may indemnify a person made a party to an action because the person is or was a partner, employee, officer, or agent of the partnership against liability incurred in the action if:

(1) the person's conduct was in good faith;  and

(2) the person reasonably believed:

(A) in the case of conduct in the person's capacity as a partner, that the person's conduct was in the best interests of the partnership;  and

(B) in all other cases that the person's conduct was at least not opposed to the best interests of the limited partnership or foreign limited partnership;  and

(3) in the case of any criminal action, the person either:

(A) had reasonable cause to believe the person's conduct was lawful;  or

(B) had no reasonable cause to believe the person's conduct was unlawful.

(b) The indemnification provided for in subsection (a) does not exclude any other rights to indemnification that a partner, employee, officer, or agent of the domestic or foreign limited partnership may have under the partnership agreement or with the written consent of all partners.

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Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-16-2-9 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-16-2-9/

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